1. GST impact: PM Narendra Modi warns black money traders; says 3 lakh firms under scanner post demonetisation

GST impact: PM Narendra Modi warns black money traders; says 3 lakh firms under scanner post demonetisation

A day after launching the GST, Prime Minister Narendra Modi said that the Bharatiya Janata Party (BJP)-led NDA government has taken up several steps against the ongoing black money trading and corruption in the country.

By: | New Delhi | Published: July 2, 2017 10:48 AM
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A day after launching the much-awaited Goods and Services Tax (GST), Prime Minister Narendra Modi said that the Bharatiya Janata Party (BJP)-led NDA government has taken up several steps against the ongoing black money trading and corruption in the country, reported The Indian Express. Demonetisation, he said, was among those steps. While lauding the efforts of the government officials for putting a check on corruption, PM Modi stated the data of transactions that have taken place post demonetisation, reveal that as many as 3 lakh registered companies were under suspicion. The report further quoted the PM saying that government has cancelled the registration of over 1 lakh such firms and identified around 37,000 shell companies and strict action would be taken against them.

Speaking at an event in Delhi to mark the Chartered Accountants’ Day organised by the Institute of Chartered Accountants of India (ICAI), PM Modi said, “The demonetisation move was also a huge step against the ongoing black money transactions and corruption in the country. During this drive against black money, the government has formed a massive set-up for mining the data on money deposited in the banks. Where the money came from, where it was deposited, where and how it went, what happened after November 8, we are analysing every minor details about the same.”

“We have not yet started questioning people as we are currently studying the data. There are over 3 lakh registered companies that are under suspicion,” PM Modi further added.

The event was also graced by Finance Minsiter Arun Jaitley, Revenue Secretary Hasmukh Adhia and other union and chief ministers. PM Modi also said that the impact of government’s campaign against black money laundering were also visible in the data published by the Swiss National Bank. The international bank, on June 30, had said that money deposited by Indians in Switzerland’s bank nearly halved to 676 Swiss francs (around Rs 4,500 crore) in 2016, reported Indian Express.

“There are some people who are trying to hinder the progress. The government has taken various tough steps against such people in the last three years. The effect of the drive against black money can be seen in the fresh data provided by the Swiss bank. The Swiss bank has said that money deposited by Indians has reached the lowest level ever,” said PM Modi, adding that the amount had risen by 42 per cent in 2013.

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PM Modi highlighted the role of chartered accountants in identifying black money transactions by their clients. He said their signature was more powerful than that of the Prime Minister’s. He urged the CAs to take charge of bringing their clients to the path of honesty, as a wrong audit can impact the lives of those investing in such firms through the stock market or mutual funds.

During the event various CAs were not allowed to enter into the venue and later they shouted slogans against the government. The authorities had to reportedly use water cannons and additional security personnel to disperse the crowd.

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